Westpac has today outlined the support measures available to help consumer and business customers impacted by the latest lockdowns in Victoria.
Customers in need of financial assistance can access our dedicated support team who will tailor assistance to suit the customer's circumstances.
This may include the following:
Consumer
- Credit card repayment and interest rate reductions for a period of time.
- Home or personal loan repayment deferrals or reductions, interest rate reductions and loan term extensions.
- Fee waivers across a range of products.
- Restructuring of debt.
- Referrals to financial counsellors or other support services.
Business
- Case management support for our small business customers experiencing financial difficulty.
- Reduced or deferred repayments on Asset and Equipment finance and eligible business loans.
- Business loan restructuring with no fees incurred.
- Referrals to financial counsellors or other support services.
- Eligible customers may be able to access low interest rate business loans through the Federal Government's SME Recovery Loan Scheme.
"We know that many households and businesses have been impacted by the lockdowns in Victoria, and we want our customers to know that we are here to support them through this time," said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.
"In particular, small businesses in hospitality and tourism, retail and service-based industries are doing it tough. Westpac offers a range of measures to help including reduced or deferred repayments, and low interest rate loans.
"Westpac has helped more than 33,000 businesses and 148,000 homeowners with financial support during COVID-19 and we will continue to do our part in supporting customers dealing with the ongoing impacts of this pandemic."
